NGX Sees N329bln Gain as BUA Cement, Geregu Rally
The Nigerian Exchange (NGX) saw more than N329 billion daily gain on Thursday which lifted market capitalization to about N57 trillion following buying interest in BUA Cement, Geregu and other liquidity stocks. The market consolidated on renewed buying interest amidst earnings releases by listed companies.
Given the surge in demand for growth stocks, the Nigerian stock market performance indicators grew by +0.58% as the fixed interest securities market traded bearish on inflation fears. In its market update, Atlass Portfolios Limited attributed equities market growth to renewed buying interest in bellwether stocks such as GEREGU, BUACEMENT, and others, as headline inflation hit 29.90% in January.
The market index or All-Share Index) increased by 601.72 basis points today, representing a rise of +0.58% to close at 104,100 points – having maintained a consistent uptrend in 2024. Data from the local bourse showed that equities market activities went downward. Total volume and value traded for the day dropped by -33.35% and -42.89% respectively.
According to stockbrokers, approximately 284.49 million units valued at ₦6,913.78 million were transacted in 8,168 deals. GTCO was the most traded stock in terms of volume, accounting for 19.91% of the total volume of trades. The orange brand financial services group was followed by TRANSCORP (11.67%), UBA (6.46%), MBENEFIT (5.90%), and MANSARD (4.40%) to complete the top 5 on the volume chart,
Due to its size, GTCO was also the most traded stock in value terms, with 32.05% of the total value of trades on the exchange. UPL topped the advancers’ chart for today with a price appreciation of 9.96 per cent.
The company was trailed by JULI with (+9.84%) growth, MBENEFIT (+9.38%), DAAARCOMM (+8.82%), HONYFLOUR (+7.50%), GEREGU (+6.47%), BUACEMENT (+5.87%) and seventeen others. Twenty-six stocks depreciated, according to data from the local bourse.
UNILEVER was the top loser, with a price depreciation of -9.80%. Also on the loser chart are JBERGER (-9.64%), NASCON (-5.37%), DANGSUGAR (-4.66%), FBNH (-4.41%), and TRANSCORP (-3.91%). In that regard, the market breadth closed negative, recording 24 gainers and 26 losers. In addition, the market sector performance was positive.
Today, three of the five major market sectors were up, led by the Industrial sector, which grew by +1.95%, followed by the Consumer goods sector which gained +0.22%. The Insurance sector rose by +0.18% while the Banking sector slipped by -1.32%. The Oil & Gas sector closed unchanged.
Overall, equities market capitalisation of the Nigerian stock market rose by ₦329.25 billion, representing a growth of +0.58%, to close at ₦56.96 trillion. #NGX Sees N329bln Gain as BUA Cement, Geregu Rally
